SPIN-OUT - International Tower Hill Mines Ltd. Aug. 23 said the Supreme Court of British Columbia granted the final order approving the spin-out of its Alaska and Nevada projects, other than the Livengood gold project, to Corvus Gold Inc. The plan of arrangement is expected to be effective on Aug. 26, 2010. It is anticipated that Tower Hill and Corvus will not trade on the TSX as two separate companies until Aug. 30. In order to receive Corvus shares, an investor must execute a trade to purchase ITH common shares on the TSX before Corvus and ITH trade as separate companies, despite the fact that the implementation of the plan of arrangement between Tower Hill and Corvus will be Aug. 26. Investors that sell ITH shares sold on the TSX in this period you will be selling their entitlement to Corvus shares. Conversely, shareholders with ITH shares trading on the New York Stock Exchange Amex were entitled to Corvus shares until the close of trading on Aug, 25. Beginning at the opening of trading on Aug. 26, ITH common shares are trading on the NYSE Amex as New ITH Shares and will no longer represent a right to Corvus shares. This means the trading on the TSX and the NYSE Amex will not be in parity from Aug. 26until the time that ITH and Corvus trade as two separate companies on the TSX (currently anticipated to be the opening on Aug. 30).
GOLD - Fire River Gold Corp. Aug. 19 announced additional high-grade assay results from its re-evaluation of historical core at the Nixon Fork gold mine in Alaska. The company has received assay results and completed careful review of holes N07U070 to N07U076 completed in 2007. New significant intercepts include N07U076 returning grades of 65 grams per metric ton gold over 0.5 meters, N07U072 returning grades of 215 g/t gold over 0.2 meters and 29 g/t over 1 meter. The drilling completed in 2007 and 2008 was not included in a resource estimate for the project and Fire River plans to release an updated resource estimate this fall based on the re-evaluation of this historic core. Both surface and underground drilling are underway at Nixon Fork. Surface drilling is investigating the Whalen and North Star zones about 2,200 meters south of the underground development. The underground drill is targeting J5A, a zone that lies between the two previously mined areas.
FINANCE - Millrock Resources Inc. Aug. 19 said it has closed a non-brokered private placement. The Company issued 2,500,000 units at C40 cents per unit for gross proceeds of C$1 million, with each unit consisting of one common share and one share purchase warrant. Each share purchase warrant entitles the holder thereof to purchase one additional common share at a price of C55 cents until Aug. 19, 2012. The proceeds from this financing with a small group of long term strategic investors will be used to generate new exploration projects and provide funds for general corporate purposes. All of the securities issued are subject to a hold period until Dec. 20.
INVESTOR RELATIONS - Hecla Mining Company Aug. 23 announced the appointment of Mélanie Hennessey to the position of vice president, investor relations. Hennessey will be the primary liaison between Hecla and its investors, analysts and the financial community globally. She will be based in Hecla’s Vancouver, B.C. office and will begin work on Sep. 7. “Mélanie is a leading investor relations professional, whose expertise and familiarity with the investment community are important to us, and will enhance our ability to effectively communicate with Hecla's stakeholders,” said Hecla President and CEO Phillips S. Baker, Jr. “She has extensive experience and has been involved in a number of industry-leading transactions that will help in the future growth of Hecla.”
